10 places where people are most likely to get a mortgage

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A new study has found the best places to get a mortgage in the United States. The top counties secured their spots due to the high likelihood of closing a mortgage application, low mortgage rates, low average cost of ownership over five years, and low property taxes, according to the SmartAsset study.

To determine the best places in the country to get a mortgage SmartAsset looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, the website looked at the expected costs over the first five years of a $250,000 mortgage with a 20% down payment, including closing costs. Then, analysts calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. Annual mortgage payments were based on the annual principal and interest payments for a $250,000 loan in that location, using average mortgage rates in each county.

Based on those four factors, SmartAsset averaged those rankings, giving equal weight to each factor, and the areas with the lowest average rankings are the best places to get a mortgage, according to the site.